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AP-National

Saudi Arabia’s crown prince transfers another 8% of Aramco shares to sovereign wealth fund

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Published 6:48 AM

By JON GAMBRELL
Associated Press

DUBAI, United Arab Emirates (AP) — Saudi Arabia’s crown prince has transferred another 8% of shares in the kingdom’s oil giant Saudi Aramco to the country’s prominent sovereign wealth fund. The shares are worth some $160 billion. Crown Prince Mohammed bin Salman’s decision was announced on Thursday and comes as the kingdom is trying to build a series of megaprojects and invest in sports and other fields aggressively abroad to wean the country off of relying solely on oil. The country’s sovereign wealth fund known as the Public Investment Fund has been a key element of Mohammed’s plans, known as Saudi Vision 2030.

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